Waldorf Production has entered into a binding Sale and Purchase Agreement with a wholly owned subsidiary of MOL Hungarian Oil and Gas Plc (MOL) for the acquisition of certain of MOL’s UK subsidiaries comprising their entire UKCS business. The key UKCS assets being acquired include non-operated interests of 20% in the Greater Catcher Area (GCA), 50% in the Scolty and Crathes fields as well as 21.83% in the Scott and 1.59% in the Telford licences. The transaction has an economic effective date of 1 January 2021, with completion currently expected in the second half of 2022. The subsidiaries and assets being acquired will continue to be held by the Company after completion. There are no implications for the Nordic Bond issued by Waldorf Production UK Limited on 1 October 2021.
“We are excited to acquire MOL’s UK portfolio and by so doing to double our stake in GCA. Pro forma for the transaction Waldorf’s 2021 production increases by c. 55% to c.34,000 boe per day and end 2020 2P reserves by almost a third from 51.6 mmboe to 67.5 mmboe.
Waldorf continues to look for further growth opportunities building on its resilient non-operated North Sea production base in the near-term,”Erik Brodahl, Chief Executive of Waldorf said.
The Catcher development located in the Central North Sea comprises the Catcher, Varadero and Burgman Fields.
Hydrocarbons were discovered in Tertiary reservoirs in both the Cromarty and Tay sandstones in 2010-2011, lying at depths of up to 4,700 ft and containing 25 to 31⁰ API oil. These fields have subsequently been developed with subsea wells tied-back to the Catcher FPSO. First oil was achieved in December 2017.
There are now a total of 15 long horizontal producers, supported by 4 water injectors and gas injection. Further drilling in 2022 will target additional development opportunities.
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